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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Eternal
Eternal (ETERNAL) investor relations material
Eternal Q2 26/27 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 26/27 earnings summary21 Oct, 2026
Executive summary
Q2 FY27 consolidated revenue from operations was INR 24,138 crore and profit before tax was INR 323 crore; quick commerce and food ordering and delivery led segment results.
Food delivery growth investment is prioritized over percentage-margin optimization, with margins expected broadly flattish over the next one to two years.
Quick-commerce expansion is set to accelerate, especially in smaller cities, supported by strong store paybacks and more predictable competition.
Dark.ai is an early-stage application built on fine-tuned open-source models and viewed as a high-upside, high-uncertainty opportunity.
Board approved transferring the India Going-out business to a wholly owned subsidiary and an Adonmo-to-Mygate share swap, subject to conditions.
Financial highlights
Consolidated Q2 revenue was INR 24,138 crore vs INR 13,590 crore YoY; H1 revenue was INR 44,349 crore vs INR 20,757 crore.
Consolidated Q2 profit before tax was INR 323 crore vs INR 129 crore YoY; H1 profit before tax was INR 595 crore vs INR 217 crore.
Consolidated profit attributable to parent owners was INR 125 crore in Q2 and INR 217 crore in H1; basic EPS was INR 0.14 and INR 0.24, respectively.
Standalone Q2 revenue was INR 3,663 crore vs INR 2,650 crore YoY; net profit was INR 641 crore vs INR 691 crore. H1 net profit was INR 1,226 crore vs INR 1,293 crore.
Outlook and guidance
Food-delivery margins are expected to remain broadly flattish for the next one to two years as surplus is reinvested where it supports growth and absolute adjusted EBITDA.
Quick-commerce NOV growth is expected to pick up from the December quarter YoY; accelerated store additions are not expected to reduce margins in the short term.
FY2029 EBITDA guidance of $1 billion was maintained, with no further detail provided.
Dark.ai is a few months from launch; monetization and investment plans will be refined using customer feedback.
Going-out India transfer to ZEPL is expected within 30 days of BTA execution; Adonmo/Mygate share swap is expected to close on or before Dec. 5, 2026, subject to conditions.
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Latest events from Eternal
- Near-doubled FY20 income was outweighed by deeper losses, COVID disruption and delivery investment.ETERNAL
Q4 19/20 - Revenue scaled rapidly, but rising costs drove a ₹10,011.15 Mn consolidated loss.ETERNALQ4 18/19
- Rapid growth, widening losses and a profitability-led push into quick commerce.ETERNALQ4 21/22
- Revenue fell, losses narrowed, and food delivery recovered to pre-COVID levels.ETERNALQ4 20/21
- Revenue grew 57%, food delivery neared breakeven, and quick-commerce losses narrowed.ETERNALQ4 22/23
- Quick commerce scales rapidly as food delivery sustains profits and new growth engines expand.ETERNALCompany presentation
- Margin guidance raised to 6% as revenue and profits surge, with restructuring underway.ETERNALQ1 26/27
- Quick commerce and food delivery drive revenue growth as margins improve and risks are managed.ETERNALQ1 25/26
- Revenue and store growth accelerated, with acquisitions and QIP boosting expansion amid tax risks.ETERNALQ3 24/25
Next Eternal earnings date
Q3 26/2720 Jan, 2027
Eternal
Next Eternal earnings date
Q3 26/2720 Jan, 2027
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Frequently asked questions
Eternal Limited (formerly Zomato Limited) is an India-based technology company operating in the food services sector. The company provides an online platform connecting customers with restaurants, offering services such as food delivery, restaurant discovery, and table reservations. Zomato also offers subscription-based programs for users and marketing tools for restaurant partners to enhance their reach and engagement. In addition, the platform features customer reviews, menus, and ratings to help users make informed dining decisions. The company is headquartered in Gurugram, India, and its shares are listed on the National Stock Exchange of India (NSE) and the Bombay Stock Exchange (BSE).